Automotive Parts and Equipment

HESAI-W

Today’s Key News Recap

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AMZN

HSAI

NVDA

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1125 | Dolphin Research Focus: 🐬 Stock 1, $Alphabet(GOOGL.US) It is reported that Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, and plans to rent chips from Google Cloud next year. Although TPUs are not as flexible as NVIDIA GPUs, they have lower development costs and consume less power when running at full capacity. If TPUs are successfully supplied externally, it marks intensified competition in the AI chip market, potentially impacting NVIDIA's market share and pricing power. For Google...

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

XIAOMI-W

Meta Platforms

Amazon

Hesai

NVIDIA

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Direxion Daily AMZN Bull 2X Shares

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Google's TPU Sales Challenge Nvidia Dominance; Xiaomi Rallies on Lei Jun's Stake Boost. ｜Today's Important News Review

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1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, Hang Seng Indexes Company announced the results of its quarterly review, with the changes to be implemented after the market closes on December 5, 2025, and effective from December 8, 2025. Among the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

LEAPMOTOR

BABA-W

BILIBILI-W

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Alibaba

Bilibili

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

NIO-SW

Alibaba HK SDR 5to1

NIO Inc. USD OV

Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

禾赛科技

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Why do stock prices and performance show opposite trends?

Tesla

Eaton Vance Municipal Income Term Trust

GEELY AUTO

BYD COMPANY

Geely Auto

GEELY AUTO-R

BYD COMPANY-R

BYD Company Limited

BYD Company

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

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GraniteShares 2x Long TSLA Daily ETF

EMX Royalty

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

BYD HK SDR 10to1

Hesai's Plunge: What Went Wrong?

Conference Minutes

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The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Bloomage Biotech

Renaissance Ipo

Hello

Pony AI

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HKEX

JD LOGISTICS

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Hong Kong Exchanges and Clearing (HKEX)

JD.com

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JD HK SDR 10to1

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

HUAWEI

300024

ARDS

ATX continues to increase volume in shipments!

Huawei

SIASUN

Aridis Pharmaceuticals

Hesai: Tesla 'Disdain'? Still Growing Wildly Towards the Sun

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HSAC

INTR

Hesai 3Q25 Quick Interpretation: Overall, Hesai has once again delivered an impressive report card this quarter. The third-quarter performance exceeded expectations, continuing the high growth trend. Additionally, Hesai has raised its full-year performance guidance. Specifically: ① The third-quarter performance continued the high growth trend, mainly driven by the accelerated shipment of the low-cost ATX: Third-quarter revenue reached 800 million yuan, maintaining a high growth trend of 47.5% year-on-year, also exceeding the market expectation of 780 million yuan. The key to the revenue exceeding expectations this quarter was the lidar shipment volume significantly surpassing market expectations, primarily driven by the accelerated shipment of Hesai's low-cost ATX passenger car radar. This quarter, lidar shipments reached 440,000 units, continuing a high growth trend of 229% year-on-year, also exceeding the market expectation of 400,000 units. The low-cost ATX continues to increase in volume, driving the proportion of passenger car lidar in Hesai's shipment structure to 86.3% (Dolphin Research estimates that ATX accounted for 71% in the third quarter). From the price perspective, the unit price this quarter remained stable quarter-on-quarter. Although the proportion of low-cost ATX continued to rise quarter-on-quarter (replacing the old AT128), it is expected that due to the higher-priced Robotaxi radar starting to increase in volume this quarter, the final lidar unit price was 1,988 yuan, exceeding the market expectation of 1,900 yuan. From the net profit perspective, Hesai's net profit this quarter also significantly exceeded expectations. Third-quarter net profit reached 260 million yuan, far exceeding the market expectation of 60 million yuan, with the net profit margin increasing from 6.2% in the previous quarter to 32.2% this quarter. The significantly exceeded net profit margin was mainly due to a 170 million yuan gain from the sale of equity investments in a startup company recognized in the third quarter. Excluding this one-time impact, the third-quarter net profit margin would be 10.8%, also higher than the market expectation of 7.3%, mainly due to: 1) Third-quarter gross margin was 42.1%. The market originally expected the gross margin to decline from 42.5% in the previous quarter to 40.9% in the third quarter due to the increase in low-cost ATX shipments. Despite the reduction in high-margin non-recurring engineering service revenue, Hesai maintained a high gross margin level through technological cost reduction and large-scale shipments; 2) Continued strong cost control capability, with the three expenses only increasing by 0.1 billion yuan quarter-on-quarter while revenue increased by 0.9 billion yuan quarter-on-quarter. The three expense ratio also continued to decline by 3.5 percentage points quarter-on-quarter from 43.2% in the second quarter to 39.7%. ② Hesai continues to raise full-year performance guidance: Due to the dual exceedance of expectations in lidar delivery volume and net profit in the third quarter, Hesai provided fourth-quarter revenue guidance of 1-1.2 billion yuan. If the fourth-quarter shipment unit price is predicted to remain flat quarter-on-quarter, it implies that fourth-quarter lidar shipments will reach 500,000-600,000 units, and the full-year 2025 lidar delivery volume will reach 1.49-1.59 million units, exceeding Hesai's previous guidance of 1.2-1.5 million units. Additionally, due to the third-quarter net profit performance exceeding expectations, Hesai continues to raise full-year net profit guidance to 350-450 million yuan (originally 200-350 million yuan), implying fourth-quarter net profit of 70-170 million yuan (third-quarter net profit excluding one-time equity gain was 90 million yuan). Based on the midpoint of fourth-quarter revenue and net profit guidance, the fourth-quarter net profit margin will reach 11%, continuing to maintain a very good net profit margin level.$Hesai(HSAI.US) $HESAI-W(02525.HK)

Hainan Sirius Acquisition Corp.

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1111 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. The U.S. Senate has passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now requires approval from the House of Representatives and the President's signature to take effect. This move is a result of bipartisan compromise, providing short-term relief from economic and livelihood impacts, but the core disagreements are merely postponed, with the possibility of another deadlock after January 30th, highlighting the increasing trend of political polarization in the United States. 🐬 Individual Stocks 1. $Baidu(BIDU.US) RoboTaxi has received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center...

Intel

BEKE-W

Disc Medicine

Morgan Stanley

Integra Group (Russia) Sponsored GDR RegS

Integral Acquisition  1

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BIDU-SW

XPENG-W

Destiny Tech100

Citigroup

Tencent Music

Baidu

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XPeng

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BTQ Tech

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

XPeng surged 17% in a single day; Intel AI Chief jumps ship to OpenAI | Today's Important News Recap